Hotel Wilshire, a Kimpton Hotel, Los Angeles Full Year Results Presentation 17 February 2015 1
2014 highlights and market perspectives 2014 was an excellent year for IHG Delivered strong financial performance Made excellent strategic progress, enhancing our portfolio of preferred brands Disciplined approach to capital allocation generated over $1bn of shareholder returns Compelling industry tailwinds Globalisation of travel Emerging market middle class / outbound travellers Branded hotels increasing market share Favourable US supply / demand dynamics Uncertain macroeconomic conditions Strengthening US$ Oil price fall Eurozone: Greece, QE Continuing geopolitical concerns in Middle East 2
Hotel Indigo, Paris Financial Review Paul Edgecliffe-Johnson CFO 3
Strong underlying financial performance Reported Underlying 1 Full year 2014 Full year 2013 % change % change Revenue $1,858m $1,903m (2)% 6% Fee Revenue 2 $1,255m $1,176m 7% 7% Operating profit $651m $668m (3)% 10% Interest $(80)m $(73)m 10% Tax rate 3 31% 29% 2%pts Adjusted EPS 4 158.3 158.3-12% Weighted basic average shares 247m 264m (6)% ¹Underlying calculated at constant FY13 exchange rates (CER) and excludes individually significant liquidated damages, results from managed lease hotels, and results from owned asset disposals. 2 Group revenue excluding owned & leased hotels, managed leases and significant liquidated damages. 3 Before exceptional items. 4 Before exceptional items, underlying growth based on reported interest and tax rate. 4
Global demand growth for IHG branded hotels RevPAR X Rooms X Royalty Rate 2014 fee revenue 1 $1,255m, up 7% 2014 Group RevPAR growth 2014 system growth (%) 6.1% 6.0% 2.7% 2.2%pts 3.4% ADR Occupancy RevPAR 2014: 5.5% total 2 RevPAR growth Gross Net 2014: 41k rooms opened, 18k rooms removed 1 Fee revenue excludes revenue from owned and leased hotels, managed lease hotels, and significant liquidated damages receipts; growth is stated at CER. 2 All hotels, including those that have opened or exited in either FY13 or FY14, reported at CER. 5
Business model drives revenue growth in all regions RevPAR X Rooms X Royalty Rate 2014 fee revenue¹ growth 9.5% 7.2% 7.8% 6.8% 5.0% $22m $6m 2014 fee $1,255m $688m $173m $162m $103m revenue 1 Group 2 Americas Europe AMEA Greater China $1m $3m ¹ Fee revenue excludes revenue from owned and leased hotels, managed lease hotels, and significant liquidated damages; growth is stated at CER. ² Group fee revenue includes $129m of central revenue. 6
The Americas strong RevPAR and highest net rooms growth in 5 years Comparable RevPAR up 7.4%; Q4 up 7.0% US FY and Q4 7.5% Record US demand for 46 months in a row Net rooms growth 1.9% Highest net growth since 2009 Gross rooms growth 4.6% Fee revenue 1 up 7.8% 2014 Growth in fee revenue drivers 1 7.4% 7.8% $22m 1.9% RevPAR Net rooms Fee revenue 2014 Net rooms growth (k) Total underlying revenue 2 up 10% Underlying profit 2 up 8% 451 (12) 21 460 Pipeline: 86k high quality rooms 38k rooms signed, most since 2008 2013 Exits Openings 2014 1 At CER. 2 Underlying growth calculated at CER and excludes individually significant liquidated damages, results from managed lease hotels, and results from owned asset disposals. 7
The Americas high quality growth drives Holiday Inn brand family RevPAR premium 28% share of US upper midscale room openings, 7% ahead of nearest competitor 1 RevPAR growth out performance from recent openings Rate driven $5 premium to industry segment 2014 US comparable RevPAR growth for recent openings vs. respective brand portfolio (%) 2014 US total estate RevPAR ($) 10.1 73 7.7 6.9 8.0 4 68 1 Holiday Inn Comparable hotels 2 Holiday Inn Express 2009-2012 openings 3 Industry upper midscale 4 Occupancy Rate Holiday Inn brand family 1 Sourced from Smith Travel Research data 2 Excludes openings from 2009 2012. 3 Recent openings sample size = Holiday Inn: 107 and Holiday Inn Express: 420 hotels. 4 Based on Smith Travel Research data, excludes Holiday Inn brand family. 8
Europe strong performance in UK and Germany Comparable RevPAR up 5.1%; Q4 up 4.2% UK 8.9%; Germany 4.1% Net rooms growth 2.1% Gross rooms growth 5.2% Fee revenue 1 up 6.8% Total underlying revenue 2 up 1% Underlying profit 2 up 3% Reduced by InterContinental Paris Le Grand ballroom refurbishment Pipeline: 19k high quality rooms 8k rooms signed Germany signings highest ever 2014 Growth in fee revenue drivers 1 6.8% 5.1% $22m 2.1% RevPAR Net rooms Fee revenue 2014 Net rooms growth (k) 104 102 5 (3) Re-focused UK managed business 2013 Exits Openings 2014 1 At CER. 2 Underlying growth calculated at CER and excludes individually significant liquidated damages, results from managed lease hotels, and results from owned asset disposals. 9
AMEA robust performance led by established markets Comparable RevPAR up 3.8%; Q4 up 3.1% Middle East up 5.6%; Indonesia up 9.1% Japan up 6.7%; Australia up 3.9% Total RevPAR up 2.2%; Q4 up 2.1% Increasing mix from developing markets 2014 Growth in fee revenue drivers 1 4.7% 5.0% 3.8% $22m Net rooms growth 4.7% Gross rooms growth 6.5% Fee revenue 1 up 5.0% RevPAR Net rooms Fee revenue 2014 Net rooms growth (k) 68 Underlying revenue 2 up 2% Underlying profit 2 up 5% Pipeline: 34k rooms; 8k rooms signed Further investment in 2015 65 4 (1) 2013 Exits Openings 2014 1 At CER. 2 Underlying growth calculated at CER and excludes individually significant liquidated damages, results from managed lease hotels, and results from owned asset disposals. 10
Greater China double digit underlying profit growth Comparable RevPAR up 1.6%; Q4 down (2.0%) 2.5%pts ahead of the industry Tier 1 cities up 4.1%; Q4 up 1.0% Total RevPAR down (3.4%) Mix impact from tier 2 and 3 cities Net rooms growth 14.1% Gross rooms growth 15.5% Fee revenue 1 up 9.5% 2014 Growth in fee revenue drivers 1 14.1% 9.5% $22m 1.6% RevPAR Net rooms Fee revenue 2014 Net rooms growth (k) 78 Total underlying revenue 2 up 3% Underlying profit 2 up 10% Pipeline: 54k rooms; 16k rooms signed Continued long-term investment in 2015 68 2013 (1) 11 Exits Openings 2014 1 At CER. 2 Underlying growth calculated at CER and excludes individually significant liquidated damages, results from managed lease hotels, and results from owned asset disposals. 11
Greater China building on our leading scale position Record year for openings with 2x more than nearest competitor Increase in rooms drives growth in fee revenue 2014 room openings (k) 1 IHG Managed fee revenue progression ($m) 10.6 25% CAGR 99 5.2 53 4.0 3.9 3.6 32 14 1.7 IHG Starwood Marriott Hilton Accor Hyatt 2009 RevPAR Rooms 2014 1 Competitor data from Smith Travel Research census report. 12
Greater China long-term mainstream opportunity in tier 2/3 cities Established in tier 1 cities with 7k more rooms than any International competitor Growth in Chinese middle class will benefit tier 2/3 cities IHG has the largest pipeline in tier 2/3 but is yet to open a hotel in +200 cities China share of middle class by city tier 1 Holiday Inn brand family open room distribution by city tier (k) 37.5 Tier 2/3 60% 84% 22.3 63% Tier 2/3 56% Tier 1 40% 16% Tier 1 44% 37% 2002 2022 2009 2014 1 Based on information from 266 cities; source McKinsey report Mapping China s middle class 13
Fee margin progression driven by scale and efficiency benefits Fee margin up 1.5%pts to 44.7% 1 in 2014 Americas: strong RevPAR growth in our most scalable region Greater China: managed business margin improved; re-investment in 2015 AMEA: impacted by investment expected to continue into 2015 Europe: long-term benefits from streamlining of managed business Central: enhanced management information and more efficient processes in HR and Technology Foreign exchange expected to be a short-term translation headwind Scale and efficiency benefits will continue to be balanced with investment in growth 1 Fee margin calculated at actual exchange rates; excludes individually significant liquidated damages, results from managed lease hotels, and owned and leased hotels. 14
Capital allocation strategy disciplined approach maintains flexibility and maximises returns Efficient balance sheet with an investment grade credit rating 2.0 to 2.5x net debt / EBITDA Towards top end in favourable economic conditions Currently 2.6x post Kimpton acquisition Reduce asset intensity of the business InterContinental Paris disposal expected to complete in H1 2015 Strategic review of other major owned assets continuing Three uses of cash 1. Invest in the business to drive growth, including M&A 2. Maintain sustainable ordinary dividend growth 3. Return surplus funds to shareholders 15
Capital expenditure philosophy Medium-term per annum capital expenditure guidance Gross: up to $350m 1 ; Net ~$150m 1 Maintenance capex & key money O&L Hotel maintenance Corporate infrastructure maintenance Key Money (return generating) Hotel maintenance reducing in line with asset intensity Key money deployed to access strategic opportunities; only used when returns attractive Medium term p.a. 2014 Maintenance $60m - $85m $101m Key money $25m - $75m $53m Net total ~$150m $154m Recyclable investments Invest Investment to drive growth Recycle Establishes long-term fee revenue Support new brands and priority market growth Broadly neutral over time Medium term p.a. 2014 Gross out $50m - $150m $60m* Gross in $50m - $150m $48m Net total ~$0m $12m * Includes $12m invested in InterContinental New York The Barclay System fund capital investments IHG System Fund IHG finances capital expenditure Depreciation charged to system fund not IHG Resulting system fund cash surplus flows back to IHG Broadly neutral over time Medium term p.a. 2014 Gross out $35m $57m Gross in $35m $20m Net total ~$0m $37m 1 Excludes future spend related to strategic IT projects and JV investment in the refurbishment of InterContinental New York Barclay. 16
Shareholder returns consistent ordinary dividend growth and special dividends Total shareholder returns of over $1.0bn in 2014 Proposed total dividend of 77, 10% growth in 2014, 11% CAGR since 2004 Special dividends and share buybacks of $0.9bn completed in 2014 Annual ordinary dividend ( per share) 36 41 41 +11% 41 48 55 64 70 77 27 27 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 17
IHG is a highly cash generative business with a disciplined approach to capital allocation Net capital expenditure of $203m covered ~3x by underlying cash from operations Shareholder returns funded by operations, disposals, and efficient balance sheet Cash inflows 2014 sources and uses of cash ($m) 1,000 Cash outflows 980 800 747 712 382 600 400 589 394 200 0 (200) EBITDA Other operating items 1 Interest and tax Adjusted cash from operations 2 Maintenance capex and key money Recyclable / system fund capex Disposal proceeds Cashflow before exceptionals and financing Exceptional Increase in Cash items borrowings available for shareholders Ordinary dividend Special dividend and share buyback FX / other (79) Change in cash 1 Includes purchase of own shares by employee share trusts. 2 Excludes exceptional items. 18
InterContinental Hotel, Double Bay, Sydney Operating Review Richard Solomons CEO 19
IHG is delivering against its winning strategy for long-term sustainable growth Value creation: superior shareholder returns Value creation: Superior shareholder returns Winning Model Targeted Portfolio Attractive markets Highest opportunity segments Managed & franchised model Disciplined execution Scale and efficiency of operations Investment in developing great talent and technology platforms Commitment to responsible business practices 20
We have strengthened our brand portfolio Luxury Price Point Midscale Wellbeing Family Time Romantic Getaway Short Break Experience Rest & Go Mixing Business with Pleasure Business Productivity Building Business Interactions Social Identity 21
Holiday Inn Brand Family World s only global mainstream hotel brand Unprecedented scale Largest global hotel brand with largest global pipeline 2x larger than nearest competitor Only global brand with meaningful presence outside of US - 20% share of non-us open rooms in segment Capturing emerging market growth Brand debut in 9 countries in past 3 years Including India, Indonesia, Russia, Singapore, Thailand & Nicaragua More than 100 open and pipeline hotels in Greater China Strongest year of signings since 2008 New markets in pipeline include Australia and El Salvador Brand debut in 4 countries in past 3 years Including Ecuador, Mauritius and Oman More than 115 open and pipeline hotels in Greater China New markets in pipeline include Peru, Vietnam and Algeria 22
2014 growth in new markets Holiday Inn Express, Nicaragua Holiday Inn Express, Clarke Quay, Singapore Holiday Inn Resort, Sanya Bay, China Holiday Inn Express, Voronezh, Russia 23
Holiday Inn Brand Family Continuing evolution of guest experience Holiday Inn Brand Innovation Open lobby delivered in 5 markets across Europe - Rollout continuing into 2015 US restaurant concept (Burger Theory) expanding to new locations - Initial pilot hotel has seen 30%+ increase in F&B revenue Holiday Inn Express Brand Innovation Express Start Breakfast enhancements implemented in US and being rolled out in Europe and Greater China - 5% pts improvement in guest satisfaction of available breakfast choices New US Holiday Inn design solution and guest room launched - To be rolled out in Americas for all new and renovated hotels from 2015 24
InterContinental Hotels & Resorts Momentum behind world s largest luxury brand Unrivalled global luxury brand 2x larger than nearest competitor Voted World s Leading Hotel Brand in World Travel Awards for 6th consecutive year Global Highlights 8 iconic openings and 11 signings - New openings include Sydney, Dublin and Lisbon - Signings include Singapore, Indonesia and Australia Landmark US signings 900 room hotel in downtown Los Angeles, part of 73-storey, $1.1 billion new-build project - Largest InterContinental hotel in Americas on opening in 2017 278 room hotel on waterfront in Washinton D.C., part of new build, mixed use development, signed in January 2015 25
Landmark openings and signings 26
Crowne Plaza Making Business Travel Work Leading global upscale brand Opened 400th Crowne Plaza globally Pre eminent 5-star hotel brand in Greater China with more than 115 open and pipeline hotels Strong 2014 performance Total revenue up 5% - Americas revenue up 10%, largest annual increase since 2006 US RevPAR up 8.3% 27 signings, including 10 in Americas Ongoing brand refresh Guest experience enhancements rolled out in US, Canada and Europe Next generation guest room unveiled 27
Next Generation Guest Room Unique and innovative Next Generation Guest Room, Floor Plan 28
HUALUXE Hotels and Resorts Industry first in an untapped market Innovative brand developed for Chinese guest First global hotel brand designed specifically for Chinese guest Based on four Chinese guest priorities tradition, rejuvenation, status recognition and enabling spaces Developed in China by our leading China management team Opening in heart of China First hotel opened in Yangjiang on 8 February Second hotel opening in Nanchang high tech zone in first half Targeting 100 cities in Greater China in 15 to 20 years - 160 cities in Greater China with population greater than 1 million Chinese outbound opportunity 150 million outbound visitors by 2020 Future plans to introduce brand in key international destinations 29
First openings in the heart of China OPEN & PIPELINE HOTELS BEIJING SHANGHAI CHINA NANCHANG Opening in H1 2015 Population: 5.0m* High tech zone and gateway to SE China HUALUXE Hotel & Resort, Nanchang Open hotels Pipeline hotels YANGJIANG Opened February Population: 2.8m* Popular leisure and business destination *Source: official statistics bureau 30
Hotel Indigo Delivering quality openings and signings Strong US business RevPAR premium to segment doubled since 2012 Entering high RevPAR markets Best year for signings since 2008 Entering attractive global markets Tripled non-us business in past 3 years 2014 debut in prime European gateway cities - Paris, Madrid, Rome and St Petersburg Opened first property in AMEA in Bangkok in January Fastest growing industry segment, over last 5 years Significant growth potential 21 signings (3,236 rooms), strongest level in 7 years - New flagship in Manhattan; first property in Bali, Indonesia Portfolio will double near-term; pipeline of more than 60 hotels 31
Recent openings distinctive and authentic neighbourhoods Hotel Indigo, St Petersburg Hotel Indigo, Paris Hotel Indigo, Manhattan Financial District Hotel Indigo, Bangkok Wireless Road 32
Kimpton hotels & restaurants Good progress post acquisition Recently closed acquisition Transaction completed on 16 January 2015 Largest independent boutique operator 62 open hotels, 16 pipeline hotels at closing Purchase price of $430m Compelling strategic rationale Creates world s largest boutique hotel business Fastest growing industry segment, over last 5 years Excellent fit within IHG s brand portfolio Presence in most attractive US markets Ability for IHG to accelerate non-us growth Good early progress Mike DeFrino appointed as CEO Key members of senior management team retained Integration process proceeding well New signing to be announced shortly 33
Unique hotel portfolio Hotel Monaco, a Kimpton Hotel, Philadelphia Cypress Hotel, a Kimpton Hotel, California Epic Hotel, a Kimpton Hotel, Miami FireSky Resort & Spa, a Kimpton Hotel, Scottsdale 34
Our winning strategy is underpinned by great technology Value creation: superior shareholder returns Value creation: Superior shareholder returns Winning Model Targeted Portfolio Attractive markets Highest opportunity segments Managed & franchised model Disciplined execution Scale and efficiency of operations Investment in developing great talent and technology platforms Commitment to responsible business practices 35
Our approach to technology Dream Plan Book Stay Share Insight into guest needs across the entire Guest Journey Know the market and leverage current trends to enhance the guest experience Understanding needs of different demographics, e.g. Boomers vs. Millennials Own the stay experience Focus on adding value in dream, plan, book, and share Build on IHG s track record of innovation and leadership Invest smartly control IP and data; partner where appropriate 36
Technology is changing engagement and ownership of the customer across the guest journey Mobile Social media Personalisation Internet of things 37
IHG has led the industry to create a powerful distribution platform 1 st computerised reservation system History of hotel industry innovation and firsts 1 st online bookings 1 st to introduce best price guarantee 1 st to have apps on all mobile platforms Strong direct channels deliver lowest cost revenue for owners Websites in 16 languages Social presence in over 200 countries Market leading mobile app in 13 languages 2,900 agents, 12 call centres,14 languages 38
Our technology roadmap drives market leading innovation across the guest journey Dream Plan Book Stay Share 1 Digital content Connect and engage with guests throughout the journey and broaden role of the brand Interface with customers 3 Data, analytics & CRM Property level capabilities Robust and efficient in hotel execution to deliver on brand promise Drive revenue and loyalty through advanced business intelligence 2 4 Flexible and scalable infrastructure Ensure solid foundations for flexible, agile and integrated technology ecosystems 39
Enhanced digital content is growing IHG direct channel revenue contribution 1 3 Digital content Data & analytics Dream Plan Book Stay Share Targeted digital marketing Efficient digital marketing platform enables better guest targeting at the dream and plan stage Tailored offerings for IHG Rewards Club members Personalised loyalty campaigns including over 1m automatically tailored offers Spring campaign Big Win generated $360m+ revenue Leading web presence Total digital revenue growth accelerated to 13% in Q4 More reviews for IHG hotels than any other website All brand websites to be re-launched by end of 2015 40
Enhanced digital content is growing IHG direct channel revenue contribution 1 2 Digital content Property level capabilities Dream Plan Book Stay Share Mobile check in / out launched at over 500 hotels Mobile check-in and check-out launched at over 500 hotels Deliver in 3,300 US hotels in 2015, then roll-out globally Piloting mobile room key technology Enhanced our #1 rated mobile app IHG Translator launched allowing guests to travel like a local in 15+ languages Brand apps streamlined into single IHG app 2014 app downloads up 80% to 1.4m; total 3.5m 2014 mobile bookings of $0.9bn up 50% Introduced innovative in hotel capabilities Piloting Beacon technology which enables location based offers and information to be pushed to guest mobiles Introduced new CRM capability to offer a more personalised guest experience 41
Our mobile app delivers a seamless experience across the guest journey 1 Digital content Dream Plan Book Stay Share InterContinental concierge Past stays and nearby hotels Points & cash options Mobile check-in at over 500 hotels Post reviews 42
IHG remains well positioned for high quality growth Positive long-term industry dynamics Asset light business model delivers high quality income Excellent progress in delivering our strategy Industry leading technology platforms and digital content Disciplined approach to capital allocation Heightened macroeconomic and geopolitical uncertainty frame our outlook 43
Hotel Monaco, a Kimpton Hotel, Philadelphia Q&A 44
Holiday Inn, Sanya Bay, China Holiday Inn Express, Yancheng China Appendices 45
Foreign exchange translation exposure $9m impact from currency translation in 2014 Recent trends indicate further impact in 2015 Region Major non USD currency exposure Reported EBIT ($m) 2014 Foreign exchange impact on 2014 EBIT ($m) 2014 actual rates vs. Jan 2015 2 vs. 2014 2013 actual rates 1 actual rates Americas Canadian Dollar 544 - - Europe AMEA GB Pound, Euro, Russian Rouble Japanese Yen, Australian Dollar, Singapore Dollar 89 (2) (14) 84 (3) (6) Greater China Chinese Renminbi 89 (1) - Central GB Pound (155) (3) 13 Total 651 (9) (7) 1 Based on average monthly exchange rates in each year. 2 Estimated based on exchange rates as at the end of January 2015. 46
2014/ 2015 significant one offs 2014 $7m significant liquidated damages receipt in Americas franchise $(5)m impact in Americas managed from the InterContinental New York Barclay renovation $(3)m impact in Americas managed from devaluation of the Venezuelan Bolivar 2013 $(5)m impact in Americas overheads from unusually high US healthcare claims $(5)m Europe O&L profit impact from InterContinental Paris - Le Grand renovation $(2)m impact from investment in AMEA managed $5m Greater China managed profit impact from small one-offs and cost management 2014 O&L revenue and profit from owned hotels Revenue Profit InterContinental New York Barclay (Americas) (completed H1 14) $14m $(1)m InterContinental Mark Hopkins, San Francisco (Americas) (completed H1 14) $9m - InterContinental Paris Le Grand (Europe) (expected to complete H1 15) $111m $14m 2015 $(5)m impact in Americas managed from the InterContinental New York Barclay renovation 2013 $(3)m continued investment and refurbishments in AMEA managed $(5)m in Greater China investment in operations capability 47
Hotel franchising Total gross revenue¹ $bn (rooms only) Group royalty drivers 2014 YoY 2014 13.4 Average rooms 0.7% 2013 12.5 RevPAR 6.1% 2012 12.0 Royalty fees 7.5% Franchise Fees 2 $m Franchise EBIT 2 $m (margin %) 2014 747 2014 632 (85%) 2013 690 2013 586 (85%) 2012 653 2012 547 (84%) Based on actual USD with the exception of group royalty drivers which are calculated at constant exchange rates. ¹Total gross revenue is defined as total room revenue from franchise hotels, it is not revenue attributable to IHG. ²Franchise fees and EBIT exclude individually significant liquidated damages of $9m in 2013 and $7m in 2014. 48
Hotel management Total gross revenue 1 $bn (total hotel) Management Fees² $m 2014 9.0 2014 379 2013 8.5 2013 365 2012 8.6 2012 368 Managed EBIT² $m (margin %) Managed lease revenue and EBIT $m $m 2014 2013 2014 222 (59%) Americas Revenue 38 34 Americas EBIT 0 0 2013 207 (57%) Europe Revenue 90 89 Europe EBIT 2 2 AMEA Revenue 41 21 2012 216 (59%) AMEA EBIT 4 1 Based on actual USD ¹Total gross revenue is defined as total hotel revenue from managed hotels, it is not revenue attributable to IHG. ²Hotel management fees and EBIT exclude the results of leased properties, individually significant liquidated damages of $37m in 2013 and $nil in 2014. 49
Owned & Leased O&L revenue $m O&L EBIT $m (margin %) 2014 404 2014 79 (20%) 2013 398 2013 86 (22%) 2012 378 2012 76 (20%) O&L EBITDA $m O&L Revenue and EBIT from disposals ($m) 2014 107 $m 2014 2013 InterContinental Barclay Revenue 14 75 InterContinental Barclay EBIT (1) 14 2013 113 InterContinental Mark Hopkins Revenue 9 43 InterContinental Mark Hopkins EBIT - 6 2012 105 InterContinental Park Lane Revenue - 22 InterContinental Park Lane EBIT - 8 *All charts exclude results from disposed assets: Staybridge Suites Chicago Oakbrook Terrace (sold 2012), InterContinental London Park Lane (sold 2013), InterContinental Mark Hopkins (sold 2014) and InterContinental New York The Barclay (sold 2014) Revenue from these hotels was: 2014= $23m, 2013 = $140m, 2012 = $204m. Operating profit: 2014 = ($1m), 2013 = $28m, 2012 = $58m. Based on actual USD 50